Mario Draghi reminded everyone gathered in Frankfurt and listening in around the world that it is not the ECB's decision as to whether to go ahead with asset purchases. Firstly, Eurogroup leaders would have to vote on it.

The British economy, still struggling from the aftereffects of the 2008 Global Economic Crisis and financial disaster, now has received another boot in its ribcage. Moody's, one of the three major credit rating agencies, has cut its assessment of the UK's sovereign debt form AAA to Aa1.

The emphasis of the blame for the current financial situation across the eurozone has been put on governments for issuing large amounts of debt, which have become excessive to the point of collapse. However I am not so sure they are solely to blame. There are two sides to a debt contract, one is the issuer and the other is the purchaser.

In 2008, panicked governments and central banks injected massive amounts of money into the economy, in the form of government spending, tax concessions, ultra low interest rates and "non-conventional" monetary strategies - code for printing money.